CALGARY – Former Saskatchewan premier Brad Wall says there are parallels between mining giant Glencore PLC’s hostile takeover attempt of Teck Resources Ltd. and BHP Billiton’s failed 2010 pursuit of his province’s iconic Potash Corp.
Under Wall, the Saskatchewan government fought an aggressive campaign to keep Potash Corp. Canadian in the face of a $40-billion hostile bid by the Australian mining giant.
Wall declined to say whether he believes Teck should remain Canadian, saying he doesn’t know all the details of Glencore’s offer.
But he says he’s glad his government took the stance it did on Potash Corp., adding “some things are worth fighting for.”
The federal government under former prime minister Stephen Harper ultimately blocked BHP’s takeover attempt of Potash Corp., saying the deal did not offer a “net benefit” to Canada.
Current Opposition leader Pierre Poilievre has said the government should block any Teck-Glencore merger. Industry Minister François-Philippe Champagne has stopped short of a commitment but has spoken publicly about Teck’s value as a Canadian company.
This report by The Canadian Press was first published May 3, 2023.
Companies in this story: (TSX:TECK.B)
